ANNUAL REPORT OF

ACCORD HEALTHCARE FRANCE SAS

(FRANCE)

FOR THE FINANCIAL YEAR ENDED ON

MARCH 31, 2016

ACCORD HEALTHCARE FRANE SAS (FRANCE)

Board of Directors

Registration Number

Office Address

Mr. James Burt Mr. J.P Drouhin Mr. Pradeep Karmakar Mr. Xavier Mesrobian

508 845 211 RCS LILLE

45 rue du Faubourg de Roubaix 59 000 LILLE, France

Directors' Report The Members Accord Healthcare France SAS France

Your Directors have pleasure in submitting the Third Ann ual Report of the Company comprising of Balance Sheet as on 31 st March 20 16 and Profit and Loss Account for the year ended 3 I st March 2016.

1. Financial Highlights:

Particulars

Income Profit I (Loss) for the year Foreign Currency Translation Reserve Balance brought forward Loss carried to Balance Sheet

Amt in Rupees Financial Year ended on

31.03.2016 31.03.2015

502,669,035 (I 29,653,827) ( 19,774,124) (58,841 ,258) (208,269 ,208)

540, 712,252 (6,328,053)

5,019,200 (52,513 ,204) (53,822,058)

The Company made a net Loss of Rs. I ,981 ,502 in current year compared to a net profit of Rs. 6,328,053 in the previous year.

2. Review of Operations:

During this year under review, there has been activity in terms of business development.

3. Acknowledgement:

Your Directors place in record their appreciation to the sincere efforts put in by the team of Accord Healthcare Ltd ., UK and Intas Pharmaceuticals Ltd . for the support provided throughout the year.

Place: United Kingdom

Date: 8 o*' Al3 lLS I- I :<.ot G

For and on behalf of the Board

Mr. James Burt Director

Mr. Phillip Semmens Director

y

Partners:

Tehmul B. Sethna B. Corn., F.C.A. Fredy M. Contractor l\ l. Corn., F.C.A.

Apaji Amin & Co LLP CHARTERED ACCOUNTANTS

Apaji Amin & Co. (a partnersltip finn) converted into Apaji Amin & Co LLP (Identity No. AAD-2639)

Regd. Office: 304, Aakanksha Building, Opp. Vadilal House, Navrangpura, Ahmedabad - 380009.

Phone No.: +9 1-79-26562132/ 33 Email: auditors.apajiamin@gmail.com

Partners:

Rity M. Malhotra M. Com., A.CA Chirag R. Ganatra B. Com., A.CA

Independent Reviewers' Report to the Members of Accord Healthcare France SAS, France

Report on the Standalone Financial Statements

We have reviewed the accompanying financial statements of Accord Healthcare France SAS, France (the

" company") which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Management is responsible for the preparation of these standalone financial statements that give a true and fair view of the financial position and financia l performance of the Company in accordance with the accounting principles generally accepted in France. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Reviewers' Responsibility

Our responsibility is to express an opinion on these financial statements based on ou r review. We conducted our review to comply with ethical requirements and plan and perform the review to obtain reasonable assurance about whether the financial statements are free from material misstatements.

A review involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company's preparationof the financial statements that give a true and fair view in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial contro ls system over financial reporting and the operating effectiveness of such controls. A review also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting est imates made by the Company's management, as well as evaluating the overall presentation of the financial statements.

We have relied on the unaudited financial statements of Accord Healthcare France SAS, France for the year then ended. These unaudited financial statements have been furnished to us and our report is solely based on the unaudited financial statements certified by the management.

Opinion

P1rtners:

Tehmul B. Sethna B. Com., F.C.A. F redy M . Contractor M. Com., F.C.A.

Apaji Amin & Co LLP CHARTERED ACCOUNT ANTS

Apaji Amin & Co. (a partnership firm) converted into Apaji Amin & Co LLP (Identity No. AAD-2639}

Regd. Office: 304, Aakanksha Building, Opp. Vadilal House, Navrangpura, Ahmedabad - 380009.

Phone No.: +91 -79-26562132/ 33 Email: auditors.apajiamin@gmail.com

Parmers:

Rity M. Malhotra M. Com., A.C.A Chirag R. Ganatra B. Com., A.CA

Independent Reviewers' Report to the Members of Accord Healthcare France SAS,

France

Emphasis of Matter

We draw attention to the following matter in the Notes to the financia l statements :

Note 2 in the financial statements which ind icate that the Company has accumu lated losses and its net worth has

been fully eroded, the company has incurred a net loss during the current year. Company's current liabilities exceeded its current assets as at the balance sheet date. These condit ions, along w ith other matters as set forth in Note 2, indicate the existence of a material uncerta inty that may cast significant doubt about t he company's ability to continue as a going concern . However, the financial statements of the Company have been prepared on a going

concern basis for the reasons stated in the said Note.

Our opinion is not modified in respect of this matter.

Report on Other Requirements

We report that :

(a ) We have obtained all the information and explanations, which to the best of our knowledge and belief were

necessary for the purpose of ou r review.

(b) In our opinion, proper books of account as requ ired by law have been kept by t he Company so far as appea rs

from our examination of those books.

(c) The Ba lance Sheet and Statement Profit and Loss dea lt w ith by this report are in agreement with the books of

account. (d) The going concern matter described under t he Emphasis of Matter paragraph above, in our opinion, may have an

adverse effect on the functioning of the Company.

For APAJI AMIN & CO LLP

Chartered Accountants

Partner Membership No: 35476

Place: Ahmedabad Date: 301

h August, 2016

ACCORD HEALTHCARE FRANCE SAS ( FRANCE ) Ba lance Sheet as at M arch 31, 2016

Particulars Notes 2015 - 16 2014 - 15

Euro In Rs Euro In Rs

EQUITY AND LIABILITIES

Shareholders' Funds

(a) Share Cap ita l 1 37,000 2,777,120 37,000 2,510,291

(b) Reserves and Surplus 2 (2,774,803) (208,269,208) (793,301) {53,822,058)

(2,737,803) (205,492,088) (756,301) (51,311,767)

Non-current Liabilities

(a) Long Term Borrowings 3 2,069,915 155,362,235 3,157,362 214,213,436

2,069,915 155,362,235 3,157,362 214,213,436

Current Liabilities

(a) Trade Payables 4 4,359,906 327,242,773 602,149 40,853,246

(b) Other Current Liabilities 4 230,063 17,267,882 551,135 37,392,139 (d) Short Term Provisions 140,471 10,543,415 - -

4,730,440 355,054,070 1,153,283 78,245,385

TOTAL 4,062,552 304,924,216 3,554,344 241,147,054

ASSETS

Non-current Asset s

(a) Fixed Assets

(i) Intangible Asset s 5 - - 133 9,034 (ii) Tangible Assets 6 33,109 2,485,041 36,831 2,498,845

(b) Non-current Investments 11,558 867,535 - -44,667 3,352,575 36,964 2,507,879

Current Asset s

(a) Inventories 7 1,864,223 139,923,529 1,443,630 97,944,088

(b) Trade Receivables 8 1,995,964 149,811,670 2,022,043 137,186,922

(c) Cash and Cash Equivalents 9 104,592 7,850,410 16,672 1,131,124

(d ) Short Term Loa ns & Advances 10 53,107 3,986,031 35,036 2,377,041

4,017,886 301,571,640 3,517,381 238,639,174

TOTAL 4,062,552 304,924,216 3,554,346 241,147,054

As per our report of even dat e For and on beha lf of the Board of

Accord Healthcare France SAS

For Apaji Amin & Co. LLP

Chartered Accountants -/ ~d ICA701~~W100062 Mr. James Burt

Director 10 r .. ),~ .. ~~ U/. ~ ~· - (4 ~ Tehmul Seth l!la ~ flRMRlGPU!O. • ~~

/ ~ 100513WlW100062~ ~

Partner ~ ~ Mr. Phillip Semmens

Membership No.: 35476 REDACC'1~ Director

Place: Ah~dabad

Date: 3 o /t--lg11s {. -2. o ! 6 Place: United Kingdom

Date: 3oi11 Al,...qllst,,20/6' v .._,

ACCORD HEALTHCARE FRANCE SAS ( FRANCE } Statement of Profit and Loss for the Year ended March 31, 2016

Particulars Notes 2015 - 16 2014-15

Euro In Rs Euro In Rs

Revenue from Operations (Net) 11 6,978,977 498,658,404 7,198,276 539,951,713

- - - -Revenue from Operations (N et} 6,978,977 498,658,404 7,198,276 539,951,713

Other Income 12 56,131 4,010,631 10,139 760,539

Total Reve nue (I) 7,035,108 502,669,035 7,208,415 540,712,252

Expenses:

Purchases of Traded Goods 5,997,980 428,564,639 4,484,518 336,389,269

Increase in Finished, Traded and Work-In-Progress Inve ntories 12 (420,593) (41,979,441) (527,096) (22,626,234)

Employee Benefits Expenses 13 1,342,001 95,887,961 1,264,325 94,838,635 Administrative and Gene ral Expe nses 14 941,368 67,262,120 774,300 58,081,182 Selling and Marketing Expenses 15 1,036,846 74,084,203 951,448 71,369,280 Total Expenses (II) 8,897,601 623,819,482 6,947,495 538,052,132

Earnings before Tax and Depreciation a nd Amortisation ( I - II ) (1,862,493) (121,150,447) 260,921 2,660,120 Depreciation and Amortisation Expenses 11,118 794,363 13,266 995,121 Finance Costs 16 107,892 7,709,017 111,056 8,330,449 Profi t before Tax and Prior Period Expense (1,981,502) (129,653,827) 136,599 (6,665,450)

Prior Period expe nses - - 2 154 Profit Before Tax (1,981,502) {129,653,827) 136,596 (6,665,604) Tax Expenses : 0 0 -4,500 -337,551 Net Profit/ (Loss) for the Year (1,981,502) (129,653,827) 141,096 (6,328,053)

As per our report of even date For and on behalf of the Board of Accord Healthcare France SAS

For Apaj i Amin & Co. LLP Chartered Accountants ---1 ~d ICAI/;. f?00062 Mr. James Burt i0 ~~~\Mac~ Director

' ~ FlRU llE&1'. r«I.

Tehmu l Sethna ~ ~ 100513WIW111U11112 ~ ~ ~ . --3 c . ~/

Partner ~ ~' Mr. Phillip Semme ns Membersh ip No. : 35476 1EREO ActG\l Director

Place: Ahm edaba 'A-u t Date: ? 0 ti> rq LP~ , l{) )6

Place: Uniti5h Kingdom -} Date: 3 D Au CJ L/..S J 2oJ6

J ~

ACCORD HEALTHCARE FRANCE SAS ( FRANCE} Notes to the Financia l Statements as at March 31, 201

1 SHARE CAPITAL March 31, 2016 March 31, 2015

Euro In Rs Euro In Rs

Authorised Shares 3700 Equity Shares of Euro 10 each 37,000 2,777,120 37,000 2,510,291

37,000 2,777,120 37,000 2,510,291

Issued, Subscribed and Fu llll Paid-UR Sha res 3700 Equity Shares of Euro 10 each 37,000 2,777,120 37,000 2,510,291

37,000 2,777,120 37,000 2,510,291

March 31, 2016 March 31, 2015

2 RESERVES AND SURPLUS Euro In Rs Euro In Rs

(a) Foreign Currencl£ Translation Reserve

Opening Balance - 5,019,200 - (24,272,584)

Add : during the period - (24,793,324) - 29,291,784 Closing Bal ance - (19,774,124) - 5,019,200

(b) Surplus

Ba lance as per Last Financia l St atements - (793,301) (58,841,258) (934,397) (52,513,204) Net Profit for t he Year (1,981,502) (129,653,827) 141,096 (6,328,053)

Net Surplus in the Statement of Profit and Loss (2,774,803) (188,495,084) (793,301) (58,841,258)

GRAND TOTAL (2,774,803) (208,269,208) (793,301) (53,822,058)

March 31, 2016 March 31, 2015 3 LONG TERM BORROWINGS Euro Rs Euro Rs

Non-current Portion

Loan from Accord Healthcare Ltd ., U.K. 2,069,915 155,362,235 3,157,362 214,213,436 2,069,915 155,362,235 3,157,362 214,213,436

The above amount includes:

Unsecured Borrowings 2,069,915 155,362,235 3,157,362 214,213,436 Net Amou nt 2,069,915 155,362,235 3,157,362 214,213,436

ACCORD HEALTHCARE FRANCE SAS ( FRANCE} Notes to t he Financial Stat eme nts as at March 31, 201

4 OTHER CURRENT LIABILITIES March 31, 2016 March 31, 2015

Euro In Rs Euro In Rs

Trade Pal{ables '

Dues to Related Part ies 4,359,906 327,242,773 295,611 20,055,916

Othe r Payab les - 306,538 20,797,329

Other Liabi lities Othe rs - Payrol l taxes & socia l security 230,063 17,267,882 50,292 3,412,092

- Accruals & deferred income - - 500,843 33,980,047

230,063 17,267,882 551,135 37,392,139

4,589,969 344,510,655 1,153,283 78,245,385

March 31, 2016 March 31, 2015

7 Invent ories Euro In Rs Euro In Rs

Finished and Traded Goods 1,864,223 139,923,529 1,443,630 97,944,088

1,864,223 139,923,529 1,443,630 97,944,088

March 31, 2016 March 31, 2015 8 Trade Receivables Euro In Rs Euro In Rs

Current Portion

-Trade Receivables 1,875,284 140, 753, 734 1,510,970 102,512,810 Amount Due from Grou p Companies 0 - 281,779 19,117,494 Other Receivables 120,680 9,057,936 229,294 15,556,619

1,995,964 149,811,670 2,022,043 137,186,922

March 31, 2016 March 31, 2015 9 CASH AND CASH EQUIVALENTS Euro In Rs Euro In Rs

Cash on Hand 104,592 7,850,410 16,672 1,131,124

104,592 7,850,410 16,672 1,131,124

11 REVENUE FROM OPERATIONS March 31, 2016 March 31, 2015

Euro In Rs Euro In Rs

Sale of Traded Goods 6,978,977 498,658,404 7,198,276 539,951,713 Revenue from Operations (Gross) 6,978,977 498,658,404 7,198,276 539,951,713

12 OTHER INCOME March 31, 2016 March 31, 2015 Euro In Rs Euro In Rs

Manageme nt Fees 56,131 4,010,631 10,139 760,539

56,131 4,010,630.57 10,139 760,539

12 March 31, 2016 March 31, 2015 Increase in Finished, Trade d and Work-In-Progress Invento ries Euro In Rs Euro In Rs Movement in Inve ntories

Inventories at the e nd of t he year Traded Godds 1,864,223 139,923,529 1,443,630 97,944,088

Inventories at t he bigini ng of th e year Traded Godds 1,443,630 97,944,088 916,534 75,317,854

Net Decrease/ (Increase) in Inventories (420,593) (41,979,441) (527,096) (22,626,234)

ACCORD HEALTHCARE SAS (France) Notes to the Financial Statements as at March 31, 2016

5 INTANGIBLE ASSETS -

Euro

Gross Block Accumulated Depreciation Net Block

Balance as at Deductions/ Revaluations/ Balance as at Balance as at Charge for the Deductions/ Adjustments of Balance as at Balance as at Balance as at April 1, 2015 Additions Adjustments (Impairments) March 31, 2016 April 1, 2015 year Adjustments reva luations M arch 31, 2016 March 31, 2016 March 31, 2015

Computer software -Other Intangible Assets 37,419 0 0 0 37,419 31,287 133 0 0 37,419 0 133

Current Year 37,419 37,419 37,287 133 37,419 133 Previous Year

Intangible Assets under Development

5 INTANGIBLE ASSETS

INR

Gross Block Accumulated Depreciation Net Block

Ba lance as at Deductions/ Revaluations/ Balance as at Balance as at Charge for the Deductions/ Adjustments of Balance as at Balance as at Balance as at

April 1, 2015 Additions Adjustments (Impairments) March 31, 2016 April 1, 2015 year Adjustments revaluations March 31, 2016 March 31, 2016 March 31, 2015

Other Intangible Assets 2,808,596 0 0 0 2,808,596 2,52~,742 9,479 0 269,375 2,808,596 0 278,855

Current Year 2,808,596 2,808,596 2,529,742 9,479 269,375 2,808,596 278,855 Previous Year

Intangible Assets under Development

A CCORD HEALTHCARE SAS (France) Not es to th e Fi na ncia l Sta t e me nts as at Ma rch 31, 201 6

6 TANGIBLE ASSETS -

Euro

Gross Block Accumu lated Deprecia tion Net Block

Ba lance as a t Deductions/ Reva luation s/ Balance as at Ba lance as at Charge for th e Dedu ction s/ Adjustmen ts of Balance as at Balance as at Balance as a t

Apri l 1, 2015 Add it io ns Adju stm ents (Impairm ents) Ma rch 31, 2016 April 1, 201 5 yea r Adjustm ents revalu ati ons March 31, 2016 March 31, 2016 March 31, 2015

Freehold Land

Bui ldings

Plant and Machineries 86,205 6,187 92,392 48,298 10,985 59,283 33,109 37,906 Furniture, Fixtures and Equ ipments

Vehicles

Computers -Electric Insta llat ion

Office Equ ipments ' -Road ' - ' - ' - ' -

I Current Yea r 86,205 6,187 92,392 48,298 10,985 59,283 33,109 37,906

I Capit al Work-In-Progress

6 TANG IBLE ASSETS

INR

Gross Block Accumulated Deprecia tion Net Block

Balance as at Dedu cti ons/ Revaluatio ns/ Balance as at Ba lance as at Charge for the Deductio ns/ Adjustm ents of Ba lance as at Ba lance as a t Ba la nce as a t

April 1, 2015 Add itio ns Adjustments (Impairm ents) March 31, 2016 April 1, 2015 year Adjustme nts reva lu ations March 31, 2016 March 31, 2016 March 31, 2015

Plant and Machineries 5,848,624 442,070 o 643,984 6,934,678 3,276,837 784,883 o 387,918 4,449,638 2,485,041 2,571,788

I Curren t Year 5,848,624 442,070 643,984 6,934,678 3,276,837 784,883 ' - 387,918 4,449,638 2,485,041 2,571,788

I Capital Work- In -Progress

ACCORD HEAL TH CARE SAS { France ) Notes to the Financial Statements as at March 31, 2016

10 LOANS AND ADVANCES Current Portion -March 31, 2016 March 31, 2016 March 31, 2015 March 31, 2015

Euro Amt in Rs. Euro Amt in Rs.

Other Loans and Advances

Prepa id expe nses 53,107 3,986,032 35,036 2,377,041 Depos its 0 0

53,107 3,986,032 35,036 2,377,041

Tota l 53,107 3,986,032 35,036 2,377,041

ACCORD HEALTHCARE FRANCE SAS ( FRANCE) No t es t o t he Financia l Statements as at March 31, 201

13 EM PLOYEE BENEFITS EXPENSES

Distribution Salaries and Wages

Distribution Employer's NIC

Recruitement Fees

Staff training

staff welfare

14 ADMINISTRATIVE AND GENERAL EXPENSES

Pharmacoviligence charges

Royalties

Discount

Off Contract claims

Regulatory Charge

Staff pens ion contributions

Light & Heat

Repai r & Maintenance

Motor Expenses

Car hire

Ta rvel & Subsistence

Telephone

Rent, Rates and Taxes

Office Expenes

Vehicle leasing charges

Accounting charges

Aud itors Remuneration

Legal and professional fees

Insurance

Printing, stationery and postage

Subscriptions and fees

Entertainment

Computer Expenses

15 SELLING & MARKETING EXPENSES

Advert ising

Marketing Expenses

Warehou se storage costs

Freight & Carriage

16 FINA NCE COST

Bank Charges

Ba nk/ Loan interest

M arch 31, 2016

Euro In Rs

951,533 67,988,451

390,468 27,899,510

- -- -

- -

1,342,001 95,887,961

M arch 31, 2016

Euro In Rs

103,758 7,413,677

-

8,893 635,389

331,275 23,670,079

--

6,081 434,492

6,442 460,310

18,445 1,317,904

265 18,960

76,408 5,459,465

19,564 1,397,905

46,233 3,303,431 12,830 916,706 79,927 5,710,911

60,098 4,294,114 -

156,550 11,185,745

474 33,897

14,123 1,009,132

-

-

-

941,368 67,262,120

M arch 31, 2016

Euro In Rs

162,804 11,632,611

47,642 3,404,091

469,464 33,543,907

356,936 25,503,594

1,036,846 74,084,203

M arch 31, 2016

Euro

3,042

104,850

107,892

In Rs

217,345

7,491,672 7,709,017

March 31, 2015

Euro In Rs

912,189 68,424,458

352,136 26,414,177

- 0

- 0

- 0

1,264,325 94,838,635

March 31, 2015

Euro In Rs

74,970 5,623,593

75,226 5,642,815

74,380 5,579,369

- -

24,667 1,850,303

- -

3,615 271,166

5,303 397,772

1,662 124,643

36,909 2,768,555

- -19,151 1,436,555

49,923 3,744,787

28,090 2,107,029

104,025 7,803,074

61,864 4,640,486

7,350 551,333

153,673 11,527,210

30,478 2,286,193

16,245 1,218,556

5,435 407,666

1,334 100,080

- -

774,300 58,081,182

March 31, 2015

Euro In Rs

139,255 10,445,717

-812,192 60,923,563

- -

951,448 71,369,280

March 31, 2015

Euro

1,804

109,252

111,056

In Rs

135,320

8,195,129 8,330,449

ACCORD HEAL TH CARE FRANCE SAS, France

SCHEDULE - A

Significant Accounting Policies and Notes forming part of Balance Sheet and Profit and Loss Account:

Significant Accounting Policies:

(1) Basis for Preparation of Accounts:

The financial statements are prepared as going concern under the historical cost convention on an accrual basis unless specifically stated and in accordance with Belgium's Generally Accepted Accounting practice, and in the manner required in the Companies Act.

We draw attention to the fact that at 31 March, 2016, the Company had accumulated losses of Rs. 208,269,208 & that the company's total liabilities exceed its assets by Rs.205,492,088 . The going concern basis presumes that funds will be available to finance future operations and that the realization of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.

The ability of the Company to continue as a going concern significantly relies on Accord Healthcare UK Limited & lntas Pharmaceutical Limited as it will continue to procure funding for the ongoing operations of the Company.

(2) Description of Business:

The company undertakes activities pertaining to registration of various pharmaceutical products with France Government authorities for future trade of drugs & medicine manufactured by its parent company in India.

(3) Related party Transactions:

The company is a wholly owned subsidiary of Accord Healthcare Ltd. UK.

Transactions with group undertaking are summarized below;

Particulars

Amount Payable to Accord Healthcare Ltd., U.K

Unsecured Loan payable to Accord Healthcare Ltd. , U.K

Amount Receivable from Accord Healthcare BY. Netherlands

(Amount in INR) 31/03/2016 31/03/2015

327,242,773 20,055 ,916

155,362,235 214,213 ,436

187,35, 115 80,36,891

ACCORD HEALTHCARE SAS, France

SCHEDULE - A

Significant Accounting Policies and Notes forming part of Balance Sheet and Profit and Loss Account (contd ... ):

Particulars

Amount Receivable from Accord Healthcare BVBV Belgium

(4) Foreign Currency Translation Reserve:

(Amount in INR) 31/03/2015 31/03/2014

382,379

The books of the company are maintained in Euro. These accounts have been prepared in Indian Rupees. The euro balances as per the books of the company have been converted into Indian rupees as follows;

• All revenue items have been converted at the average rate for the year. • All the assets and liabilities have been converted at the year-end rate.

The net difference on translation is taken to Foreign Currency Translation Reserve.

(5) Revenue Recognition:

The delivery date of goods & services rendered whether or not they are included in the sales total. Cost and expenses are charged to the financial year they are incurred.

(6) Contingent Liability:

There are no Contingent liabilities as stated by Management.

ACCORD HEALTHCARE SAS, France

SCHEDULE - A

Significant Accounting Policies and Notes forming part of Balance Sheet and Profit and Loss Account (contd ... ):

(7) Notes forming part of Balance Sheet and profit and Loss Account:

Previous year ' s figures have been regrouped I rearranged wherever necessary to conform to this year's figures.

As per our report of even date

For Apaji Amin & Co.LLP Chartered Accountants

!CAI <1°A~W/W!00062

T.B. Sethna , I Partner Membership No.: 35476

For & on behalf of the Board Accord Healthcare France SAS

-1 6d Mr. James Burt Director

Mr. Phillip Semmens Director